Barter transactions are already subject to federal income tax (and probably sales tax in most jurisdictions):
http://www.irs.gov/businesses/small/article/0,,id=187920,00.html
http://dor.wa.gov/Content/GetAFormOrPublication/PublicationBySubject/TaxTopics/Bartering.aspx

Bartering transactions are taxable
Imagine coming to work at your accounting business on a Monday morning and finding that the plumbing in the employee washroom has been leaking over the weekend. While insurance will cover the water damage, it will not pay for the new plumbing work. Fortunately, one of your clients is a plumber. So, you call Jake the Plumber and tell him your problem. The two of you agree that the work will cost an amount equivalent to six months’ accounting work. Jake does the work, you do his accounting work, and no money changes hands.

Is there any tax liability associated with this barter transaction? Yes!